Category Archives: Estate Planning

4 Reasons Everyone Needs An Estate Plan

  • May 22 2019

Many people are under the misconception that estate plans are only necessary for those with substantial wealth. In fact, estate plans are important for everyone who wants to plan for the future. For those unfamiliar with the concept, an estate plan coordinates the distribution of your assets upon your death. Without an estate plan, your estate (assets) will go through the probate system, regardless of how much or how little you have. There are...

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Eric A. Hirschberg, “40 Under 40” Honoree

  • Aug 25 2018

Schneiders & Associates, LLP is proud to announce that the Pacific Coast Business Times has named Eric A. Hirschberg a “40 Under 40” honoree! Eric focuses his practice in the areas of estate planning, trust administration, probate, business and corporate transactions, and entity formation. Eric prides himself on his lasting relationships with his clients built on trust and mutual respect, where they feel comfortable seeking legal advice from him regarding all aspects of their estates...

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Do Not Be Foolish With Your Heirs’ Future

  • May 11 2018

If you own real property in California, the California Probate Code almost forces you to create a trust to avoid fettering away your children’s or your heirs’ inheritance.  While trust and probate law is a very complicated area of practice with numerous intricacies that requires the assistance of an attorney well versed in this practice area, below are some of the reason why it is so important in California to create an estate plan,...

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How to Avoid Family Conflict In Naming Your Trustee

  • Mar 2 2018

Choosing a trustee or financial fiduciary to handle your estate upon death or incapacity is very personal decision and varies from family to family.  Some families prefer to name their children as their successor trustees or financial fiduciaries.  However, consider the “explosiveness” potential of requiring all your children to agree on every decision.  On the face of it, the desired effect of “forcing them to agree” can also force them to fight.  Appointing just...

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A Primer on Irrevocable Trusts

  • Jan 4 2018

Most individuals are aware that a will is one way to plan for the distribution of their assets after death. However, frequently a will by itself is not sufficient to accomplish many people’s estate planning goals.  Thus, a comprehensive estate plan also should consider other objectives such as planning for long-term care, privacy, asset protection, and efficiency. For this reason, it is essential to consider utilizing an irrevocable trust. An irrevocable trust is an...

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How To Leave Gifts To Stepchildren

  • Nov 29 2017

Today, blended families have become increasingly common, and many individuals have step-children, that is, children of a spouse or partner. In situations where step-children have not been legally adopted, however, they may not have a legal right to an inheritance from a step-parent.  However, California has a statute wherein a stepchild is to be treated as an intestate heir of the deceased stepparent so long as two requirements are met: (1) the stepparent relationship began...

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What is a Spendthrift Trust?

  • Sep 28 2017

When it comes to estate planning, there are many factors to consider, not the least of which how to provide for loved ones. Although we like to believe that our heirs are deserving and capable of managing an inheritance, some beneficiaries may not be responsible or lack an understanding of financial matters. Fortunately, it is possible to leave assets to a troubled heir by creating a spendthrift trust. This estate planning tool limits a...

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Estate Planning: Can I Include My Pet?

  • Sep 20 2017

  The basics of estate planning includes planning for the transfer of your estate to others during life, at death or after death, and planning for incapacity.  But can an estate plan include your pet?  YES!  However, assets cannot be left directly to pets, since animals are still considered property under the law, but you can care for your animal companions in a few different ways: Designate an animal shelter that they are to...

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Family Business: Preserving Your Legacy for Generations to Come

  • Jul 3 2017

Your family-owned business is not just one of your most significant assets, it is also your legacy. Both must be protected by implementing a transition plan to arrange for transfer to your children or other loved ones upon your retirement or death. More than 70 percent of family businesses do not survive the transition to the next generation. Ensuring your family does not fall victim to the same fate requires a unique combination of...

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Responsibilities and Obligations of the Executor or Administrator

  • Jun 13 2017

When a person dies with a will in place and no trust, an executor is named as the responsible individual for winding down the decedent’s affairs. In situations in which a will has not been prepared, and there is no trust, the probate court will appoint an administrator. Whether you have been named as an executor or administrator, the role comes with certain responsibilities including taking charge of the decedent’s assets, notifying beneficiaries and...

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